EURCAD Short: Weakness Into Weekly Pivot + 500EMA
Updated
EURCAD has respected the 1.554 level and is showing signs of short term weakness. The pullback after completing leg AB of the potential butterfly pattern has presented an opportunity to sell. Relatively flat 200SMA and 500EMA with price hovering above adds to short term bearish bias. The unhit weekly pivot makes for a good target. SL is placed at structure highs and entry just above hourly open yields a R/R of 2.41.
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